SAP Surges to Europe's Top Spot by Market Cap Despite 430th Ranking in Trading Volume

On March 24, 2025, SAP's trading volume reached 2.15 billion, a 37.92% decrease from the previous day, ranking 430th in the day's stock market. SAP's stock price rose by 1.18%, marking the seventh consecutive day of gains, with a total increase of 8.05% over the past seven days.

SAP, a German software company, has surpassed Novo Nordisk, a Danish healthcare firm, to become Europe's most valuable company by market capitalization. This shift is attributed to SAP's strong performance in the software sector, particularly its business application software used by companies for various functions such as finance, sales, and supply chain management.

SAP's market capitalization reached $340 billion on March 24, 2025, slightly higher than Novo Nordisk. The company's shares have seen significant growth in recent years, driven by optimism surrounding its cloud business and the potential benefits from investments in generative artificial intelligence.

Despite a 7% increase in SAP's shares so far in 2025, which is slightly below the broader European STOXX 600 index's 8.3% year-to-date gain, the company has delivered a total return of 160% since the end of 2022. This performance far outpaces the STOXX 600's 28% return over the same period.

In contrast, Novo Nordisk's shares have underperformed the market recently due to disappointing trial data for its experimental next-generation obesity drug, Cagrisema. Novo Nordisk had previously overtaken luxury retailer LVMH as Europe's largest company in September 2023.